(Dis)Solving the Zero Lower Bound Equilibrium through Income Policy
研究通过设定最低工资增长率（收入政策）来摆脱长期零利率下限困境，在世代交叠和无限期模型中均能消除零下限稳态均衡。
Abstract We investigate the possibility to reflate an economy experiencing a long‐lasting zero lower bound episode with subdued or negative inflation by imposing a minimum level of wage inflation. The income policy under investigation is formalized as a downward nominal wage growth rigidity, such that wage inflation cannot be lower than a fraction of the inflation target. This policy allows dissolving the zero lower bound steady‐state equilibrium in an Overlapping Generations (OLG) model featuring “secular stagnation” and in an infinite‐life model, where this equilibrium emerges due to deflationary expectations.